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"In the concert of European institutions, which take care of all the aspects of the reform policies, the EIB are doing the employment and growth and innovation side, but the other ones have to be done as well,'' Mr Hoyer said.

He added that the painful process that the Irish people have gone through is now paying off.

"I'm very optimistic that by the end of the year Ireland will be fully back to the markets, and the Irish people will have lived up to the commitments the Government made,'' he said.

He added that the painful process that the Irish people have gone through is now paying off.

"I'm very optimistic that by the end of the year Ireland will be fully back to the markets, and the Irish people will have lived up to the commitments the Government made,'' he said.